U.S. Senate Holds Hearing on Abusive Credit Card Industry Practices

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If you have gotten in over your head with credit card debt, you are not alone. There has been a lot of discussion in the media in the last few weeks about the predatory lending habits of the credit card industry and its willingness to prey on those who can least afford to pay. This has largely been fueled by the on-going hearings before a U.S. Senate subcommittee looking into the abusive and predatory practices of the credit card industry.

At the forefront of this issue are the good folks at the National Consumer Law Center, which is a non-profit legal resource center working to protect vulnerable consumers and to promote marketplace justice. They are working hard to protect the rights of consumers in this country.

At a U.S. Senate subcommittee hearing last week on the credit card industry, NCLC staff attorney Alys Cohen, testifying on behalf of a coalition of consumer organizations, blamed today’s crisis in consumer debt on the predatory practices of the credit card industry. Calling for a standard of fairness from credit card companies, she charged that their tremendous profits came off the backs of our most vulnerable and financially distressed consumers. To read her testimony and learn more about the credit card industry’s practices, go to the NCLC website at http://www.nclc.org/ or directly to Ms. Cohen’s testimony on the site at http://www.nclc.org/action_agenda/credit_cards/content/CC_testimonyMarch07_.pdf .

Another resource for you is to join our Facebook Fan Page – Alabama Consumer Protection Attorneys where we share useful information about the same types of issues that we cover in this blog.

Another resource for you is to join our Facebook Fan Page – Alabama Consumer Protection Attorneys where we share useful information about the same types of issues that we cover in this blog.

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